The Real Deal New York

Kahen Properties plans 21 affordable units for NoMad building

The city rejected the developer's initial plans for the property
December 24, 2015 03:21PM

Kahen Properties is taking another crack at 145 Madison Avenue.

The developer has submitted plans, for the second time, for a new 21-story building on Madison Avenue, DNAinfo reported. Alex Kahen’s firm first filed plans for the property in May, but the Department of Buildings rejected the application. It wasn’t immediately clear why the original plan wasn’t accepted.

The latest plans for 143-145 Madison Avenue call for 71 apartments, 21 of which will be below-market rate, across 56,306 square feet. The building will also have 2,779 square feet of ground-floor commercial space, according to the permit.

The company acquired the two adjacent buildings — 143 and 145 Madison Avenue — in 2013 for $12.2 million. The city approved demolition plans for the property in July. In September, Kahen snapped up four multifamily buildings in Gramercy Park for $18.5 million and three buildings in Downtown Brooklyn for $23.2 million. [DNAinfo] Kathryn Brenzel